
\begin{tabular}{l c c c c}
\toprule
 & \multicolumn{2}{c}{Currency Basis (bps)} & \multicolumn{2}{c}{Risk Reversals (pct)} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-5}
 & (1) & (2) & (3) & (4) \\
\midrule
USD Imbalance $\times$ $\Delta$ FX Vol.        & $-1.74^{***}$ &               & $0.38^{***}$  &              \\
                                               & $(0.31)$      &               & $(0.05)$      &              \\
USD Imbalance $\times$ $\Delta$ Global FX Vol. &               & $-1.67^{***}$ &               & $0.40^{***}$ \\
                                               &               & $(0.34)$      &               & $(0.06)$     \\
USD Imbalance                                  & $0.11$        & $0.11$        & $0.01$        & $0.01$       \\
                                               & $(0.26)$      & $(0.26)$      & $(0.03)$      & $(0.03)$     \\
$\Delta$ FX Vol.                               & $-0.31$       &               & $-0.12^{***}$ &              \\
                                               & $(0.24)$      &               & $(0.02)$      &              \\
\midrule
Num. obs.                                      & $2362$        & $2362$        & $2363$        & $2363$       \\
R$^2$ (full model)                             & $0.46$        & $0.46$        & $0.45$        & $0.45$       \\
R$^2$ (proj model)                             & $0.02$        & $0.02$        & $0.14$        & $0.15$       \\
\bottomrule
\end{tabular}
